-2495-1366 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the first quarter ended March 31, 2019 comparing operating performance and financial

ที่ กตพ Ref. DBP. 108 / 2019 August 13, 2019 Subject : Clarification on Operating Results for the 2nd quarter and 6-month Period ending June 30, 2019 To : President The Stock Exchange of Thailand

CPN’s operating results despite the impact on its revenue from rent and services from the major renovation at CentralWorld, the transfer of CentralFestival Pattaya Beach to CPN Retail Growth Leasehold

growth resiliency of CPN’s operating results despite the ongoing major renovation at CentralWorld and the transfer of CentralFestival Pattaya Beach to CPN Retail Growth Leasehold REIT (“CPNREIT”) in

Ref. DBP. 153 / 2019 November 11, 2019 Subject : Clarification on Operating Results for the 3rd quarter and 9-month Period ending September 30, 2019 To : President The Stock Exchange of Thailand

Disposal”). By calculating on a Net Operating Profit basis after tax deduction, the highest transaction size is 33.63 percent of the Value of the Net Profit of the Company according to the consolidated

an operating system sufficiently and effectively in order to protect any acts according to paragraph one which may create conflict of interest to the fund, provided that, in case of (1) shall apply as

. Management Discussion and Analysis 2.1. Selected Financial Position and Operating Results 2.2. Cash Collection from NPLs and NPAs Management Businesses 2.3. Vintage Analysis 2.4. NPLs by Portfolio

. The operating results of the Company and its subsidiaries continued to improve, with total revenue and profit at baht 67,423.88 million and baht 6,176.59 million respectively, an increase of 2.08% and

1 Forth Smart Service Public Company Limited (FSMART) FY18 Management Discussion and Analysis Operational Summary in FY18 2018 Operational Summary  Total revenue from core business was Bt3,339mn